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All UK property insurers need to start planning now how they will map the long-term impact of climate change on their books, according to flood science specialist JBA Risk Management. The warning comes ahead of the confirmation this June of the Prudential Regulatory Authority’s (PRA) detailed reporting requirements on insurers’ climate change resilience and JBA’s estimates of up to 30 percent increase in average annual loss on UK residential property alone by 2040.
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JBA Risk Management, PRA, Climate change, Insurance, Reinsurance, Nikki Chambers, UK
